:Activity-based costing .uses cost pool that collects costs related to the same activity .a O .provides the same results as the departmental overhead costing .b O .uses departments overhead rate to assign overhead .c O .typically applies overhead costs using direct labor-hours .d O .None of the given answer .e O

:Activity-based costing .uses cost pool that collects costs related to the same activity .a O .provides the same results as the departmental overhead costing .b O .uses departments overhead rate to assign overhead .c O .typically applies overhead costs using direct labor-hours .d O .None of the given answer .e O

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Description: :Activity-based costing.uses cost pool that collects costs related to the same activity .a O.provides the same results as the departmental overhead costing .b O.uses departments overhead rate to assign overhead.c O.typically applies overhead costs u

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Identify the following features as applying more to job order operations (J), process operations (P),or both job order and process operations (B). Measures unit costs only at period-end.
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Which of the following statements is true? O The first step in activity-based costing is to assign overhead costs to products using cost drivers ABC usually results in less appropriate management decisions Activity-based costing allocates overhead to multiple activity cost pools and assigns the cost pools to products using cost drivers O Traditional costing systems use multiple predetermined overhead rates
1.- In process costing, costs are accumulated in processing departments rather than by job. II.- If all units go through all processing departments then the processing departments are arranged in a parallel rather than sequential fashion * Only statement Il is true O Both statements are true Both statements are false Only statement I is true
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6. Which of the following statements is true? .Direct labor costs are usually included in the costs that are allocated to activity cost pools in an activity-based costing system. ll. The first stage allocation in a ABC system is the process of assigning overhead costs to activity cost pool. |||. Direct material costs are usually included in the costs in the costs that are allocated to activity cost pools in an activity based costing system
Question: In cost accounting, what is the primary purpose of calculating the predetermined overhead rate? A) To allocate indirect costs to products based on a predetermined formula.B) To determine the actual overhead costs incurred during a specific production period.C) To calculate variable costs associated with each unit of production.D) To assess fixed costs that remain constant regardless of production levels.
Assign indirect labor cost is recorded with a Select one: O a. debit to Labor Cost. O b. debit to Work in Process Inventory. O C. debit to job cost sheets. d. debit to Manufacturing Overhead.
Two basic types of cost accounting systems are job order costing and process costing. True or False True False
:Total manufacturing cost in a job-sheet for job-order costing, includes All of the given costs in the answers .a None of the given costs in the answers .b Actual direct materials costs .C Applied manufacturing overhead costs d Actual direct labor costs .e Under which costing system fixed manufacturing overhead costs will not be ?included in calculating product costs None of the given answers .a O Absorption costing and Variable costing systems b Activity based costing system only .c Absorption costing systemonly dO .Variable costing system only.e O
Determining the basis for applying manufacturing overhead costs involves OA. primarily the accumulation of direct labor hours since virtually all overhead costs are driven by direct labor hours. B. primarily the maintaining of accurate records of production volume since virtually all overhead costs are driven by the number of units proc OC. the determination of a measure of activity that is a causal factor in the incurrence of overhead cost. OD. actual rather than budgeted levels of activity. Reset Selection
Total manufacturing cost in a job-sheet for job-order costing, includes: a. Actual direct materials costs b. None of the given costs in the answers. С. Actual direct labor costs d. All of the given costs in the answers. e. Applied manufacturing overhead costs